What was on the front page of the paper yesterday? The big headline "Home sales up from last year!"
The writer quoted data from our local Realtor Association which showed a year over year 14.5% increase in the average price of homes.
Another interesting statistic is that the amount of inventory we have is now at a healthy level. The inventory level is measured in the "months supply." A 5.5 month supply is a normal amount of inventory....meaning, that it would take 5.5 months to sell all of the available homes on the market. The inventory level now is at 5.0.
What does this mean if you are a buyer or a seller? It means that it is no longer a buyers market. It is also means it is not a sellers market either. It is a balanced market.
It is nice to have a balanced market for a change!